BlogBitcoin’s Proof of Work DOMINATES Proof of Stake: Jack Mallers

Bitcoin’s Proof of Work DOMINATES Proof of Stake: Jack Mallers

One of the big topics of discussion in the crypto community is proof of work versus proof of stake. Now obviously the Bitcoin Community are Ardent supporters and Defenders of proof of work. They claim that it is necessary and it is the entire point of Bitcoin. But there are many other proponents outside of Bitcoin in the larger crypto ecosystem that claim we need to move to proof of stake that it’s better. It’s more energy efficient and it brings advantages that are not provided by proof of work.

Jack mullers the founder and CEO of strike a Bitcoin company was recently at the Bloomberg crypto conference and he was asked about this exact debate proof of work or proof of stake what do you think Jack. Here’s Jack’s great response “the fact that if a lot of people want to create Bitcoin. It becomes more difficult is why the thing works. Your relationship with Bitcoin is not a liability. your relationship with Bitcoin is not a proxy to some Foundation some team some corporate structure some development decision. 

the founder of Bitcoin, he she, or they might be dead and it’s working well Matt. that’s what sailor means when it’s a property. there’s no liability relationship like stablecoins. there’s a liability there it doesn’t mean stable coins are bad. I own security it’s called strike stock Securities aren’t bad at building liability relationships. 

Tesla stocks are not bad but there’s a liability there with Elon and the company and their roadmap and their cash balance right. so like proof of stake your relationship with that asset it’s a liability a stable coin your relationship with that’s a liability. In theory, what you want is a monetary asset where there are no liability relationships. that’s the whole point of the thing that’s what proof of work solved that it was like an amazing Innovation. proof of stake if proof of work is like we finally got an airplane to fly so it’s a quote from a friend of mine. proof of stake is that we know how to make it cheaper faster and less carbon efficient just by not flying. it’s like well like that’s not like a competitor that’s just a different product”.

now Jack Nails it here. which is that in a blockchain the entire point is to drive security that there is no liability. a blockchain that was invented to create Bitcoin gives the individual self-sovereignty.

it allows them to now have digital property rights. you do not need to rely on a trusted third party any one individual or any group of people. this is a Brand New Concept being brought to the digital world. There are hundreds of millions of people who adopted Bitcoin earlier and they keep supporting bitcoin and its network. specifically, because they want that ability to participate in a peer-to-peer decentralized system in which proof of work insurers will remain.

proof of stake it sounds great it’s highly Innovative. there are plenty of projects that are will use it but it is something different it is separate. It has its advantages but it does not accomplish the goal of proof of work blockchains. ultimately Bitcoin is trying to become a digital sound mone.y I’d argue that it already has.

Read Breaking: Tesla sold 75% of Bitcoin holdings

if more and more people continue to use it that programmatic monetary policy will protect their purchasing power. proof of work is necessary, proof of work is an advantage, and proof of work will continue to be adopted globally. proof of stake is distinctly separate and different. good luck to the folks who are building on it they’re trying to do something different. that’s okay Bitcoin is Bitcoin uses proof of work and that’s never gonna change.

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